PPI for Welcome Finance??

compares4u

I had a loan with Welcome Finance in 2006 and was never told, or even asked about PPI, and wasn't till half way through 2007 I realised I was paying it (they sent an annual statement). Is WFS included in the whole PPI reclaiming, and would I be able to claim as I went bankrupt and this loan was included?

Many thanks folks.

magpiecottage

You can submit a complaint. If upheld then there is a debt owed to you by Welcome Finance in your favour.

However, it would be set off against the debt you never repaid.

There is a further complication with Welcome Finance in that it is also insolvent and you would have to claim via the Financial Services Compensation Scheme. However, it is unlikely to compensate you because you are clearly in no worse a position now than you would have been if you had not taken the policy out.

G51shopaholic

I put a post on this subject a few days ago.

The FSA are writing to all welcome finance customers as scheme was declared at fault on 2nd march 2o11.

From what the letter said ALL welcome finance customers will get there money back if they complete the paperwork. Obviously if you still owe welcome money it will go towards the debt.

They wrote out to my dad; who passed away in 2007 so I completed the paperwork on behalf of his estate.

compares4u

Thanks for reply guys, I went BR in march 2010 and within 6 months was discharged. I'm not really bothered about claiming anything as you said the debt was eventually written off. It would be nice like, as this company are the biggest sharks out there, i borrowed £15000 to repay over 15 years would have been a total repayment of almost £58000, i am confident i paid back at least £15000 over the time i was able to pay for the loan, so in retrospect they kind of get their initial sum back. I suppose the cost of a 1st class stamp is worth a try?